With April being National Financial Literacy Month and less than half of adults setting a budget, the free credit score website WalletHub today released its report on 2023’s Most & Least Financially Literate States, which analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia, along with expert commentary.
The study uses a data set of 17 key metrics, which range from high-school financial literacy grade to the share of adults with a rainy-day fund. The metrics also include the results of WalletHub’s WalletLiteracy Survey.
| Most Financially Literate States | Least Financially Literate States |
| 1. Nebraska | 42. Nevada |
| 2. Utah | 43. West Virginia |
| 3. Virginia | 44. South Dakota |
| 4. Colorado | 45. South Carolina |
| 5. Minnesota | 46. Kentucky |
| 6. Iowa | 47. Mississippi |
| 7. Washington | 48. Oklahoma |
| 8. Maine | 49. New Mexico |
| 9. North Carolina | 50. Louisiana |
| 10. Ohio | 51. Arkansas |
• Minnesota has the lowest share of residents who spend more than they earn, 15.20 percent, which is 1.5 times lower than in Mississippi, the state with the highest at 22.55 percent.
• Hawaii has the lowest share of residents paying only the minimum on their credit card(s), 25.63 percent, which is 1.7 times lower than in Mississippi, the state with the highest at 42.73 percent.
• Colorado has the highest share of residents who attended financial-education classes or counseling sessions in past 12 months, 7.50 percent, which is 3.8 times higher than in West Virginia, the state with the lowest at 2.00 percent.
• Utah has the lowest share of unbanked households, 1.20 percent, which is 9.3 times lower than in Mississippi, the state with the highest at 11.10 percent.
To view the full report and your state or the District’s rank, please visit:
https://wallethub.com/edu/most-and-least-financially-literate-states/3337